This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their upcoming changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities can't plan. I've heard of courses being cut because the government has no process in place for universities to send the newly required acceptance letters to the government.

This means that students who have been accepted can not attend courses that start in the summer 2024 semester. With cut sections, current Canadian students will have trouble getting courses, and may have to switch to part-time which changes their enrollment status and might trigger repayment of their loans or ineligibility for funding. I've seen this before. It wreaks havoc on the student loan borrowers.

Again, the Liberal government has messed up the education environment. Will the new system needed in a rush for the acceptance letters be the new Arrivecan scandal?

I call on the government to implement a slower phased in approach and delay the requirement of the acceptance letters until a process is in place to submit these letters.


  New Posts New Posts RSS Feed - Understanding Transunion
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedUnderstanding Transunion

 Post Reply Post Reply
Author
LostLife View Drop Down
Newbie
Newbie
Avatar

Joined: 12/March/2008
Location: Canada
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote LostLife Quote  Post ReplyReply Direct Link To This Post Topic: Understanding Transunion
    Posted: 04/October/2008 at 2:38am
I was totally surprised yesterday when I checked my credit report out with Trans union.  All 9 of my SL with the Royal Bank are paid and closed?  I never paid them, so I don't understand that. Unless it's that they are over 9, 10 and 11 years old.  And I thought any after 7 years was removed from the report?

I also have another loan called Student Loans, it is listed as "paid as agreed" and it's open, but it has a balance of close to $5000.  I wonder if that's the one that is paid off with my tax returns?

Then there's the collection agency Nor-don that has another loan that I'm sure is another SL, listed at 26 thous or so.  For some reason it's a joint account?  Huh?  With who?  The last date I was in school was in 2001.  The loan is listed as opened in 02/06.  And the oringal creditor is CMU IFIS. 

At least things aren't as bad as I thought, there is only a quarter of my loans left outstanding.  That doesn't seem so bad, considering my situation, I thought the amount was too high and hopeless, I may seek a credit counselor and try to make some arrangements for consolidation and finally be free of this and move on debt free. 

Any thoughts would be appreciated.

Back to Top
Sponsored Links


Back to Top
LostLife View Drop Down
Newbie
Newbie
Avatar

Joined: 12/March/2008
Location: Canada
Points: 6
Post Options Post Options   Thanks (0) Thanks(0)   Quote LostLife Quote  Post ReplyReply Direct Link To This Post Posted: 14/October/2008 at 6:33am
I found out, in case this happens to anyone else...that the Bank loans are guaranteed by the government, so if they aren't paid, the government pays the banks, hence the paid and closed accounts.  The government apparently doesn't always report ALL parts of your loans.  So there are more loans floating around out there...lol.  Gotta go track them down and declare bankruptcy.
Back to Top
SolveStudentDebt View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 05/November/2003
Location: Canada
Points: 5996
Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 16/October/2008 at 7:15am
Make sure there is water in the pool before you
dive in head first.
 
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
Back to Top
qwe View Drop Down
Newbie
Newbie
Avatar

Joined: 03/January/2009
Points: 1
Post Options Post Options   Thanks (0) Thanks(0)   Quote qwe Quote  Post ReplyReply Direct Link To This Post Posted: 03/January/2009 at 3:29am
I know that we all have issues with Trans Union and Equifax but one thing to always remember is that not everybody reports or gets reports from the same agency. Of course the bigger the business  the better chance that they have requested info from 2 or more agencies. But it is not guaranteed that they have.  See note #3 on the front page of the mailed report, also check on the website for all the info about what May or may not  be in the credit report. They can only report what they know. If someone has not given them the info they don`t know.
I have used both Trans Union and Equifax and I can read the Trans Union report much easier plus they at least tell you about the existence of the other agencies.  I like to have a second opinion. I have always used the free way(the only cost to you is the letter, stamp & copies of info that they use to identify you).
I have not had any problems with them  but remember that if we are a socieity built on credit,  this is a necessary expense that we pay for with higher prices. If there is a problem we pay with our time to fix it and that can be more expensive 
Back to Top
audrey123 View Drop Down
Newbie
Newbie


Joined: 28/August/2009
Points: 1
Post Options Post Options   Thanks (0) Thanks(0)   Quote audrey123 Quote  Post ReplyReply Direct Link To This Post Posted: 28/August/2009 at 4:22pm
Glad I found this thread today.Smile
thank you so much for your sharing.
Back to Top
SolveStudentDebt View Drop Down
Moderator Group
Moderator Group
Avatar

Joined: 05/November/2003
Location: Canada
Points: 5996
Post Options Post Options   Thanks (0) Thanks(0)   Quote SolveStudentDebt Quote  Post ReplyReply Direct Link To This Post Posted: 09/September/2009 at 2:37am
Trans Union language is pretty straight forward. Equifax lightened up on the coding that confuused a lot of people in the 90's. I did a write up in 2004 or something like that here on the interpretation of credit remarks and code. It is in the history here somewhere.
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
Back to Top
J. Gene View Drop Down
Newbie
Newbie
Avatar

Joined: 07/December/2009
Points: 1
Post Options Post Options   Thanks (0) Thanks(0)   Quote J. Gene Quote  Post ReplyReply Direct Link To This Post Posted: 07/December/2009 at 3:41pm
Check the bottom of this page for the codes referred to in the last post:

http://www.canadastudentdebt.ca/forum_posts.asp?TID=1752

Very helpful information, indeed.
Back to Top
honestroger View Drop Down
Newbie
Newbie
Avatar

Joined: 16/December/2009
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote honestroger Quote  Post ReplyReply Direct Link To This Post Posted: 12/January/2010 at 5:54pm

In my experience TransUnion is far more efficient than Equifax when it comes to corrections/disputes and I agree with Johnny that TransUnion is more straight forward.  By way of example:

I had a an OSL with a date of first delinquincy of 2001. 
It appears to have went through a couple of CA's and ended up with CBV in 2005. 
I paid it in 2009. 
My TU profile reported the OSL as a collection with a date of first delinquincy of 2005; paid in 2009.  So did Equfax (i.e. date of last payment).
I disputed the CBV date of 2005 and provided both credit bureaus copies of old letters from 2001 indicating my loan payment was overdue, the default letter, and a 2002 letter from a different CA that had the account before CBV. 
In essence my contention was that CBV improperly shunted the operative date forward thereby causing the credit bureaus to report the collection account beyond the applicable reporting period.
I did this on January 5, 2010.
It has been removed from my TransUnion report already. 
Yet it remains on Equifax.
If history is any indication, I anticipate having to go another round or two with Equifax before they remove the entry.  
 
Obtaining a swift resolution of a disputed item with credit bureaus can be a thoroughly frustrating excercise.  Be persistent, utilize good draftsmanship, and substantiate your contentions where possible. 
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.